Ipsidy trials multifactor biometric solution for mobile banking in the US

17 November 2017

Ipsidy, a New York-based provider of multifunctional secure payment solutions, announced the trial of a new biometric platform aimed to help financial institutions across the United States to securely authenticate their customers using mobile banking applications.

The new solution dubbed CardLock represents a multi-factor biometric recognition solution developed for mass implementation by banks and other financial institutions. The solution goes live for pilot by Intercredit Bank N.A., a Miami-based bank, for authenticating their debit card holders this December.

The company provided little details about exact nature of biometric recognition tools to be incorporated into its CardLock platform, except for the fact that it will be supported both by iOS and Android devices, which made some observers conclude that the solution will have fingerprint recognition in the least.

Speaking for Intercredit, Simon Cruz noted that the security and authentication are currently major issues raising concerns among consumers in the financial industry and the new solution from Ipsidy is expected to address this, providing customers with reliable and convenient way to go on with their mobile banking experience. After successful results with Intercredit, the program will be expanded to include other US financial institutions.